For the fiscal first quarter, it posted net income of $13.07 billion, or $13.81 a diluted share, compared to $13.06 billion, or $13.87 a share, a year earlier. This is the first time in years that Apple didn't post a double-digit earnings increase.

Gundlach also said that Apple stock remained "very, very much in the public's psyche," which would keep share prices artificially high.

He also took a shot at Apple's huge cash balance on hand.

"That doesn't exactly call for a huge multiple," he added.

Trader disclosure: On Jan. 23, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Steve Grasso is long ASTM; Steve Grasso is long BA; Steve Grasso is long GDX; Steve Grasso is long GOOG; Steve Grasso is long LF; Steve Grasso is long LNG; Steve Grasso is long MHY; Steve Grasso is long P; Steve Grasso is long PXD; Steve Grasso is long NVIV; Steve Grasso is long PFE; Steve Grasso is long S; Steve Grasso is funds long MSFT; Steve Grasso is funds long HPQ; Steve Grasso is funds long NEM; Steve Grasso is funds long NUE; Steve Grasso is funds long BWLD; Dan Nathan is long AAPL JAN 525/550/575 CALL BUTTERFLY; Dan Nathan is long NFLX JAN/FEB 90 PUT SPREADS; Guy Adami is long C; Guy Adami is long GS; Guy Adami is long INTC; Guy Adami is long AGU; Guy Adami is long MSFT; Guy Adami is long NUE; Guy Adami is long BTU; Brian Kelly is long QQQ; Brian Kelly is long XLK; Brian Kelly is long SPY; Brian Kelly is long XLF; Brian Kelly is long TLT; Brian Kelly is long GLD; Brian Kelly is long PPLT; Brian Kelly is short EWY.